What your salary needs to be to buy a home in the Greater Toronto Area [Map]

What you need to earn to afford a home in the Greater Toronto Area

woodleywonderwork/Flickr

House hunting is a two-pronged process, with savvy buyers keeping one eye fixed on home prices (and how much they jump year-to-year) and the other on their personal finances.

With that in mind, we wanted take a step away from looking at the Toronto housing market from the traditional angle and turn it on its head by analyzing – what your salary needs to be to buy a home across the Greater Toronto Area.

While the idea is not a novel one, the story is usually covered from a national level – where Canada’s major metropolises are pegged against each other in terms of overall affordability.

We decided to break it down to a more local level by looking at how the Greater Toronto Area market has played out in 2015 so far.

Before we get started, it’s key to remember we’re highlighting the entire household income not just that of an individual. Also take note of the fact we’re dealing with overall average home prices as this analysis is meant to paint a picture of the market as a whole.

House vs condo: what your salary needs to be buy real estate in the GTA

House and green lawn How much you need to earn to buy a house in Toronto (GTA)

The map below looks at the needed salary on city-by-city basis with average prices for all home types.

For the map and the rest of the article please go to: https://www.theredpin.com/blog/what-you-need-to-earn-to-afford-a-home-in-the-greater-toronto-area/

 

Source: The Red Pin, 8/28/2015

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Sharon Chung

Sharon Chung

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CENTURY 21 Atria Realty Inc., Brokerage*
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